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Rating:Morgan Stanley Sued On Sale Of Mutual Funds Not Rated 3.0 Email Routing List Email & Route  Print Print
Thursday, February 27, 2003

Morgan Stanley Sued On Sale Of Mutual Funds

by: Ki Kim

The law firm of Nashville-based Falls & Veach, yesterday gave notice that they have filed a class action suit against Morgan Stanley and several of its affiliates involving the sale of Morgan Stanley mutual funds.

The plaintiffs are investors who invested in Class B shares of Morgan Stanley mutual funds from February 24, 1998 and thereafter. The lawsuit alleges that the brokerage engaged in fraudulent and deceptive practices in connection with the sale of Class B shares, resulting in investors paying excessive fees and/or loads, according to a press release.

The lawsuit seeks certification of a class consisting of all investors who invested in Class B shares in a Morgan Stanley mutual fund since February 24, 1998, and a subclass consisting of all investors who invested $50,000 or more, in a single or combined transaction on or after February 24, 1998, in Class B shares of one or more Morgan Stanley mutual funds.

The lawsuit was filed on February 24, 2003 in the United States District Court for the Middle District of Tennessee. Within the sixty days after the date on which this notice is published, any member of the purported class or subclass may move the court to serve as lead plaintiff of the purported class or subclass.

Morgan Stanley officials could not be reached by press time. 

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